33LValuation of transferring business

33L Valuation of transferring business

(1) The Minister must, by written notice given to the Authority and the receiving subsidiary not later than 7 days after the re‑organisation day, determine: (a) the market value of each transferring asset on the re‑organisation day; and (b) the amount of each transferring liability on that day. (2) The net value of the transferring assets on the re‑organisation day is the amount worked out by subtracting the total amount of the transferring liabilities from the total market value of the transferring assets on that day. (3) For all purposes and in all proceedings, the net value of the transferring business is taken to be the amount determined under subsection (2) as the net value of the transferring assets on that day.